Blockchain Press Releases
Bitget Report Reveals 33% of Crypto Job Applicants Come From Banking
VICTORIA, Seychelles, Jan. 25, 2024 /PRNewswire/ — Bitget, the world’s leading cryptocurrency exchange and Web3 company, released a comprehensive report revealing that one-third of crypto job applicants are former employees of the banking and financial sectors. The report also provides invaluable insights into the impact of decentralized technologies on banks in 2023 and analyzes how remote work and digitalization have influenced the financial job market.
Key takeaways:
– 33% of the exchange job applicants previously worked in banking;
– Investments in blockchain retail banking will reach $40.4 billion by 2031;
– 50% reduction of revenues of banks resulted in over 70,000 job cuts between 2020-2023;
– 36% of blockchain-related posted roles were remote-based, double the global average of 16%
– Salaries in crypto startups are almost double those of banking comparable positions;
– 23% of candidates apply for KYC Manager, Compliance Associate, Senior Compliance Associate, and AML Analyst.
The report delves into some major events that have driven the adoption of blockchain in traditional banking in 2023, including the launch of development initiatives aimed at decentralized technology adoption by such giants as HSBC, JPMorgan Chase, Citi Group, and others. Predictions state that the impact of blockchain in retail banking will achieve a milestone of $40.4 billion by 2031, a CAGR growth of 40.4%, with banking spending on blockchain estimated to reach $22.5 billion between 2025 and 2026.
The main section of the report is dedicated to the trends in recruitment in the blockchain industry, emphasizing that talents from the financial sector are migrating into the domain of cryptocurrencies in search of opportunities, attracted by higher salaries and innovation prospects. The result is a brain-drain from traditional banking, driving reevaluation of hiring approaches and compensation offers on the part of the latter.
The statistics presented in the report showcase that the UK alone experienced a 46% increase in technology-related vacancies in 2020 – one-third of all jobs advertised in the country. The case is best described by Goldman Sachs, where 30% of employees are software engineers.
The reduction in revenues by investment banks by over 50% year-over-year has resulted in layoffs, leading to a migration of talents. The reorganizations of such banks as Morgan Stanley, BlackRock, Goldman Sachs, and others, alone have led to over 50,000 job cuts since 2020. Another 20,000 jobs were cut by five major banks in 2023.
The shift towards technology-focused jobs on the part of younger employees is also revealed to be a major factor, further eroding the workforce of banks. The outflow was somewhat balanced by the hi-tech industry, where companies like Coinbase, Amazon, Alphabet, Microsoft, and others hired from 20 to 200 employees. The crypto sector led the hiring spree, with Coinbase attracting 197 talents, and Amber Group – 250. Such dynamics remain, despite the FTX crisis in 2022, which saw over 2,000 job losses in the sector.
Regarding compensation, the report states that banks have reduced overall salaries due to remote working conditions and digitization, while the crypto industry offered competitively higher salaries for remote employees. In 2022, 36% of blockchain-related posted roles were remote-based, double the estimated worldwide average of 16%. As for salaries, junior engineers at crypto startups in London can expect to get beginning wages of around $125,000 with incentives, compared to $87,810 investment banks offer for similar positions. The difference is cardinal in the case of banks, where salaries average at $54,000, while crypto firms offer around $115,667.
The Bitget report also draws on resume counts to highlight the outflow of banking employees, stating that the yearly count of resumes associated with banking surged from 880 to 1,440 in 2 years, a 113% increase in 2022, and 143% in 2023. This means that in 2023, 33% of all resumes originated from the banking industry. As for interest from professionals outside the crypto market, the 180% rise was almost doubled to 330% over 2 years.
Middle and senior positions in investment relations, business development and sales, KYC and compliance, data analytics, product design, project management, and backend engineering, are among the most commonly encountered. 23% of candidates applied for roles such as KYC Manager, Compliance Associate, Senior Compliance Associate, and AML Analyst.
Factors, such as high salaries, industry prestige, growth opportunities, and flexibility are stated as the main reasons for employee migration to the crypto industry. Banks are responding slowly, with 74% of CFOs surveyed by Deloitte stating that they plan to shift previously on-premise workers to remote positions.
Gracy Chen, Managing Director of Bitget, stated, “Bitget’s latest report sheds light on the remarkable transformation occurring in the financial job market, as crypto gains momentum and decentralization reshapes traditional banking. The data indicates a significant shift, with talents from the banking sector migrating towards cryptocurrency, drawn by the promise of higher salaries and innovation prospects. Such a shift may lead to increased mergers and acquisitions in both markets, impacting job reductions and transforming the labor market. As the crypto industry continues to thrive, we remain committed to providing valuable insights that empower professionals and market participants in navigating these evolving landscapes,”
Bitget releases regular studies on a wide range of topics that encompass its markets of operation and global trends that influence the development of the decentralized economy. The reports provide invaluable information to both professionals and market participants seeking insights into potential future changes in industries and opportunities for development.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
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DUBAI, UAE, Nov. 28, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, in collaboration with Blocks Scholes, released the latest weekly derivatives analytics report and uncovered signals indicating ETH’s rise above BTC in the past week.
Fueled by news of current U.S. SEC Chair Gary Gensler’s departure at the end of the Biden administration’s term, ETH performance has positively surprised investors. In particular, open interest in ETH perpetual has been on the rise. Several large-cap altcoins also benefited from Gensler’s announcement, anticipating less scrutiny upcoming January.
Key Insights:
ETH outperformed BTC in open interest: Perpetual swap data has seen a gradual decline in BTC open interest while ETH contracts increased. ETH has also been taking a bigger share of daily trading volumes in the past 6-month time frame despite an overall slower market this week. The optimism could be attributed to hopeful investors’ expectation of a more crypto-friendly SEC Chair after Gensler’s last day on Jan. 20, 2025.
BTC price in retreat: BTC price’s ebbing from the $100K mark has flattened the ATM volatility term structure, with short-tenor options dipping below 60%. This mirrors a pattern observed since the U.S. election. Lower realized volatility explains the drop, while open interest in calls and puts remains unchanged, demands for short-term options this week have stagnated.
ETH options – bullish sentiment in moderation: ETH options show slightly more bullish sentiment than BTC options. Markets have recalibrated after the post-election high, but call options remain in the lead in both trading volumes and open interests.
Access the Full Report:
Read the full report in context here.
#Bybit / #TheCryptoArk /#BybitResearch
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
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View original content:https://www.prnewswire.co.uk/news-releases/bybit-x-block-scholes-derivatives-report-eth-outperforms-btc-302318387.html
GZIRA, Malta, Nov. 28, 2024 /PRNewswire/ — Popular iGaming content provider BGaming has secured a highly sought-after licence in Peru, marking a significant milestone in its expansion across LatAm.
BGaming’s technical system of gaming software and its engaging portfolio have been officially approved by the gambling regulator Mincetur, a national administrative authority which implements and oversees all aspects of online gaming and sports betting in Peru. By receiving the B2B certification, BGaming broadens its appeal with local licenced operators in the newly regulated market.
The licence also opens up more opportunities for BGaming to expand its business and strengthen its position in the wider LatAm region, where it has enjoyed significant attention in the last 12 months.
Marina Ostrovtsova, CEO at BGaming, said: “Securing the Peru licence marks a pivotal moment in BGaming’s global expansion. This certification not only strengthens our presence in Latin America but also underscores our commitment to bringing high-quality, immersive gaming experiences to new audiences.
“We are excited about the opportunities this will unlock, both in terms of growth and the reception of our slots in this new market.”
BGaming is a fast-growing iGaming content provider converting gambling into gaming. Thanks to an expert team and a player-driven approach, the studio creates innovative and engaging products featured on reputable platforms and 1,000+ online casinos worldwide. BGaming is the world’s first to support cryptocurrencies and offer Provably Fair games. Today the brand’s portfolio includes 100+ products with HD graphics and a clear user interface for every device. The studio is also known for its brand exclusives created in partnerships with leading operators in the industry.
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View original content:https://www.prnewswire.co.uk/news-releases/bgaming-awarded-peru-supplier-licence-302317696.html
TAIPEI, Nov. 28, 2024 /PRNewswire/ — KryptoGO, a leader in Web3 financial infrastructure, has taken another groundbreaking step to ensure unparalleled user and enterprise safety by completing a rigorous security audit aligned with industry-leading methodologies. This milestone solidifies KryptoGO’s position alongside globally trusted platforms like 1Password, Metamask, and Trust Wallet, known for their exceptional security standards.
The audit, conducted with methodologies comparable to those used for 1Password—a benchmark in secure password management—focused on ensuring KryptoGO’s mobile applications, backend systems, and API endpoints meet the highest security standards. 1Password’s robust security features, such as end-to-end encryption, zero-knowledge architecture, and constant vulnerability testing, serve as the foundation for KryptoGO’s enhanced protection framework.
Demonstrating Excellence in Cybersecurity
KryptoGO has consistently showcased its expertise in security through achievements in prominent cybersecurity competitions and hackathons. Recognized for exceptional performance in events like 2024 BlazCTF, ETH Tokyo Hackathon, and ETH Taipei Hackathon, KryptoGO has solidified its reputation as a trusted innovator.
This audit marks another significant step forward, addressing potential vulnerabilities and reaffirming KryptoGO’s ability to safeguard user assets in an increasingly complex Web3 landscape. Notably, the findings resulted in a 50% reduction in vulnerabilities compared to prior assessments, demonstrating tangible progress in security hardening.
Why Security in Web3 Wallets Matters
In the Web3 ecosystem, wallets act as critical gateways, holding sensitive keys that grant users exclusive control over their digital assets. A single security lapse can lead to catastrophic consequences, including the loss of assets and the erosion of user trust.
Recognizing this, KryptoGO employs a multi-layered approach to private key management, ensuring the highest levels of security and reliability for its users:
- Device-Level Encryption: Private keys are encrypted with a Device Encryption Key and securely stored in the device’s protected environment (Keychain for iOS and Keystore for Android). Access to these keys is tightly controlled through biometric authentication, preventing unauthorized access.
- Password Protection with Argon2: For users who opt for password backups, KryptoGO utilizes Argon2-HMAC-SHA256 with 310,000 iterations to derive an Account Unlock Key (AUK). This industry-standard process, aligned with NIST guidelines, offers robust resistance to brute-force attacks while ensuring compatibility across a broad range of devices.
- Cloud Backup with Shamir’s Secret Sharing: To enhance convenience and accessibility, KryptoGO employs Shamir’s Secret Sharing Scheme (SSS) for password-free cloud backups. This approach splits private keys into multiple fragments (Key Shares) stored across diverse platforms like iCloud and Google Drive. Restoration is possible with any two fragments, ensuring data availability without compromising security.
These measures collectively address the most critical challenges in wallet security:
- Token Integrity: Robust lifecycle management prevents impersonation or unauthorized access.
- Advanced Encryption Standards: Sensitive wallet data and transactions are safeguarded by cutting-edge cryptographic techniques.
- Resilience Against Data Loss: Diverse and secure backup options ensure users can recover their wallets without fear of permanent loss.
- Access Control Enhancements: Multi-layered authentication mechanisms safeguard accounts.
- Secure APIs: Backdoor vulnerabilities and information leaks are actively prevented.
Results That Build Trust
The rigorous Cure53 audit, leveraging white-box and gray-box penetration testing, verified KryptoGO’s resilience against security threats. Cure53’s global reputation for securing critical systems further amplifies the credibility of KryptoGO’s security achievements. The resolution of key vulnerabilities identified during the audit, including token mismanagement and API access concerns, reflects KryptoGO’s dedication to continuous improvement and operational excellence.
Raising the Bar for Web3 Security
By achieving security certifications on par with 1Password and other leading platforms, KryptoGO has set a new benchmark for wallet safety in the Web3 era. These advancements empower users to confidently manage their digital assets while positioning KryptoGO as the trusted partner for enterprises seeking high standard and scalable blockchain solutions.
About KryptoGO
KryptoGO is a pioneer in Web3 solutions, providing secure, compliant, and user-friendly wallet services. Focused on stablecoin payment infrastructure and asset management, KryptoGO empowers businesses to seamlessly transition into the decentralized economy, backed by cutting-edge technology and industry best practices.
For more information on how KryptoGO can support your Web3 business needs, please visit www.kryptogo.com or contact us directly.
Media Contact: [email protected]
Learn more: www.kryptogo.com | X | LinkedIn
View original content:https://www.prnewswire.co.uk/news-releases/kryptogo-leads-the-way-with-top-tier-wallet-security-standards-302318212.html
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